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Search Results 0 to 26 of about 27 (some duplicates have been removed)
between 40 and $65,000 a year will have to pay an extra two grand to the government. gregg: coming up we'll talk with republican nick mulvaney whose house budget committee is obviously on the forefront of the fiscal talk. so we'll try to get the latest from him in just a moment. patti ann: meanwhile, gregg, we have new warnings from the treasury department that if a fiscal deal isn't reached our government will have to turn to extraordinary measures when the debt limit hits its ceiling. $16.4 trillion probably on monday. fox business network's stuart varney joins us now. hi, stu. you say this is the big story people aren't talking about? >> it is a sleeper issue, patti ann. on monday the government officially runs out of money and it can not borrow anymore. so it will have to shift all kind of cash around to make sure they can pay their bills and maybe they can do that for a couple of months. means you can kick the can, eight weeks be maybe, until the absolute crunch comes. there are consequences to this. it could be that america will be downgraded again. after all back in august of 2011
bit of fear into these people. it just shows the control the wealthy have over the government in both parties. host: more from "the washington post." they write -- back to the telephones. derrick from maryland on the line for democrats. your thoughts about the fiscal clause bill. caller: i think they will do a good deal if they can keep mitch mcconnell out of there. one of the things i really have a problem with, that is when thing i say democrats, let's get the ground game for 2014. republicansd of the at enter the house. let's take the house and just ran it all down their throats. host: we will move onto glen on the line for independents. caller: here is the problem that we have a. we have people that are working hard for the american people. we have a constitution. we have deviated from the constitution. host: who are the people working hard for the american people? caller: the american citizens. it takes two american citizens -- your mother and father have to be american citizens to be the president of the united states. we need to have a confirmation hearing. on the birth certifi
this is coming up. the government will continue to function for a couple more months. emergency measures will be used to keep the money flowing, so to speak. this is unrelated to the fiscal cliff, so it's an additional problem that everybody has to deal with. of course the worst thing is we know how horrible it was the last time the debt ceiling needed to be raised in the summer of 2011, it went down to the wire and it looked as if there was a chance the united states would not raise the borrowing limit and default. we heard talk about social security payments not going out and that kind of thing. that's all led to the first downgrade in the u.s. credit rating, the stock market tanked. that was a ugly scenario. on top of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what ha
that in three business days, the summit government is going to run out of borrowing capacity. john, if there were a treasurer in a business who went to their boss and said by the way, three business days, the working capital account dies and as a result, you are not going to make payroll next week, that person would be fired. we get three days notice about hitting the debt ceiling? that seems absurd to me. >> it is not a surprise.rise we have known we were coming to this point and there are two months more -- geithner estimated in that letter that the ways in which the federal government can manage money will give about would months worth of head room, possibly even longer. february or march or -- where we really get to the -- rubber hits the road on that issue. so -- this is not a shock to anybody in government but the publication of this letter and the elevation of the issues in attempt was done in 2011. there was an early moatfication by treasury this was about to happen, trying to get congress to move in a -- interest didn't work then. we will see if it works now. >> defaulting
are not safe. our relatives. nobody is safe in the city anymore. and we don't really see the government picking up that as an issue. safety is the first thing you would assure to a citizen. >> reporter: this isn't the first time a rape case has been reported. many more never are. but this case has become a lightning rod in india. people are disgusted with the brutality of the rape. protesters say enough is enough. >> the brutality of this crime and the way it has been handled, the kind of insensitive treatment that some of the -- statements that some of the politicians and some of the people have made ensure that not only me -- everybody has come out to say that this is not done. and we are not okay with this. >> reporter: they want to see the government take concrete steps to address their concerns. >> surely, definitely. then, you know, faster justice. you need to have special courts where it's not open to the public. i think that's still a provision. we need to have more courts and better hearing and stronger assistan assistance. >> reporter: it's no longer about one girl or one particular r
a five-year extension of the foreign intelligence surveillance act allowinging the government to eavesdrop on overseas phone calls and e-mails from potential terrorists. they say it's protected us from more attacks like 9/11. others argue the bill could be abused. the bill is being sent to president obama and he is expected to sign it. >>> and the state's same-sex marriage law went into effect at midnight. the first in line to tie the knot, and they say they've been waiting years for this moment. >> it's very surreal still. we didn't -- we didn't expect all the cameras and everything tonight. >> we finally feel equal, and happy to live in maine. >> it's official now. >> after nine years, it's -- it's all good. >> yep. >> maine, washington state approved same-sex marriage, it's already legal in d.c. and six other states. >>> let's turn to the weather. face it, it's affecting a huge chunk of the nation right now. >> there's a lot of snow out there. in fact, snow currently covers more than half of the lower 48 states and unfortunately for some people, the storm's not over yet. le
a archaic 1947 law, unless the new bill is passed by december 31st, the government will be forced to buy vast quantities of milk at twice the wholesale rate. two bills are in congress. the senate passed one for $23 billion in savings. the house is looking to enact 35 billion. the sticking point the full house of representatives hasn't approved the bill. >> the farm bill is like this low hanging ornament on the congressional christmas tree that if they just embrace it, they can automatically come up with tens of billions of dollars in budget savings. and then they can figure out where else they need to cut spending after that. >> reporter: the secretary of agriculture tom vilsack has said his department is preparing a case the permanent law comes into effect. temporary solution is to attach a farm bill extension to the fiscal cliff legislation. harris? harris: is there anything besides milk we need to be aware of? are we looking potentially at higher prices among many farming commodities for example? >> reporter: yeah. it is not just the cows. it is the crops too. it is possibility the go
the world. look at japan and europe. the japanese government is the glaring war on japanese citizens. it will create inflation. if the japanese citizens start to dump their bonds, they have been a bigger part then japan recently. that is a big problem for us. their euro has been quietly depreciating. if that goes out, that is a much bigger fiscal cliff. if the buyers of treasuries become sellers. liz: there are a lot of "if" in your discussion. the bond markets are still pretty -- nothing from the bottom vigilantes yet. you were a clinton advisor. you saw in the mid- 90s bond yields really spike higher. that is the issue. if we see the economy healing, bond yields could go up. investors say, wait a second, why invest for bond. >> that is the key issue. we have not seen interest rates spike for a simple reason. nobody has confidence in the economy. nobody believes we will have robust economic growth. we could be heading towards a recession. especially given the disappointing christmas sales. i am frankly skeptical about what will happen with our economy either way. i think we will go
to cut elsewhere. >> reporter: without new legislation, government price supports for milk will revert to 1949 levels. back then, the process was more laborious, and farmers needed a higher subsidy to cover their costs. dan summer, professor of agricultural economics at the university of california davis, says the new price of milk will be far above what it now costs dairy farmers to produce it. >> it really will be just chaos. nobody really knows how to act. >> reporter: so we would go back to this old farm bill, which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy farmers. >> here's the problem for dairy farmers: they don't want chaos in the milk market. it sounds good-- "gee, everybody will double or triple the price"-- but how much milk would people buy at that price? >> reporter: nobody will pay it. >> nobody will pay it. >> reporter: shoppers for milk today couldn't understand why congress can't at least solve this problem. linda vella: >> they all need to be fired. and if we want to continue to
geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still
's government unleashes its most sophisticated weapons of the war. missiles from iran. we'd like to welcome our viewers here in the united states and around the world. wolf blitzer is off today. i'm candy crowley and you're in "the situation room." >>> i want to begin with a crisis you probably don't know is coming and, of course, is just about to hit. barring a last minute deal, union dock workers at more than a dozen major ports will go on strike this weekend. meaning just about everything we buy, from clothes to cars, can't be unloaded. the strike would impact 14 port along the eastern seaboard in gulf coast, including the port of baltimore and that's where we find cnn's brian todd live. the potential impact of this is pretty big. >> reporter: it's huge, candy. right here, this is one of the most crucial ports for commerce in this region. the sieger terminal. you can see massive container ships sitting in port. this is the port terminal with the bustling operations, containers still being moved in and out of here by a truck that are being offloaded from the ships here at the terminal. about
said the government will blow through the borrowing limit that congress set in 2011. he warned the window to act is narrow or else a treasury could default. in washington, lisa will walk us through. first, let's explain what exactly the debt limit is and it sounds like maxing out a credit card, but not precisely so. >> that's right. it is not like maxing out your credit card. we are going to make it as interesting as possible. it is important. the debt limit is not like maxing out your credit card. this is money we spent as a nation. this is a lot more like buying a house. committing to a $200,000 house and signing the papers and imposing a rule on yourself that you can only borrow $100,000. you need $200,000 and you spent the money, but you have the cap that you imposed on yourself. that's what the debt limit is. we will look at where we are with this handy graphic. the debt limit is $16.394 trillion. where are we now? we are at 16.337. we are just under the limit. almost reached our capacity. >> getting that far, it's our own fault and putting ourselves in this predicament. o
. that includes those budget cuts for most government agencies, the sequester. that may happen at least in the short term. it doesn't seem to be on the table now. also, the medicare doc fix. we don't know for sure if that's going to be in this deal or not. a lot of other pieces still on the table and in limbo for now. >> okay. lisa desjardins, we'll be watching with you, thanks. >>> as you may have guessed, uncertainty over the fiscal cliff is having a ripple effect from washington to wall street. u.s. stocks ended the session in the red on friday for the fifth straight day. a triple-digit loss for the dow, that tumbled 158 points. the nasdaq lost almost 26 points while the s&p 500 shed almost 16 points. >>> in washington, each side of the aisle is pleading its case directly it the taxpayer. both the president and the republicans talking about the fiscal cliff in their weekly addresses. the president said yesterday he was modestly optimistic about a deal, but here he seems to hint at his own plan b if the senate can't reach a deal. >> if an agreement isn't reached on time, then i'll urg
,000 people signed sniet we started yt we the people" so you could petition if government on the matters you care about the most. >> reporter: it allows anyone to create a petition and with 25,000 signatures in 30 days the white house promise as response. since the shooting the website has received more than a dozen petitions supporting gun rights and gun control, but the requests aren't always serious. >> that's not a moon. it's a space station. >> reporter: one asks the federal government to secure resources and 23u7bding to build a dealt star by 2016. it has 32,000 signatures. multiple states have asked to recede from the u.s. the move to kick morgan out of the country may have some support but laughing it off. tweeting merry christmas, even to those who want me deported. >> two others have pop up. one asked u.s. to keep him because britain doesn't want him back, the other says his spiech is protected. much of the admin station knew -- >> do they realize how social media -- >> there you go. >> consider can get a mass of people for anything. >>> it was a busy year
fiscal cliff deal. meantime, treasury warns the government will hit its legal borrowing limit by monday. it's thursday, december 27th, 2012 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will tak
geithner has warned congress hat u.s. will reach its debt ceiling on monday. that is when the government reaches its legal borrowing limit. now, this could pose a bigger threat to the nation's credit rating than the fiscal cliff. treasury can keep the government operating for a few weeks using emergency measures, but congress needs to act on this too to avoid a full-blown debt crisis. alina cho. joins us with the ret of the top stories. >>> former president george h.w. bush remains in intensive care in a houston hospital with an elevated fever. he is on a liquid diet an his condition is listed as guarded. his spokesman quotes him as saying i'm determined not to be dprumpy with all of this. >>> toyota has agreed to pay up in a major way, $1.1 billion to settle a class action suit over sudden acceleration issues. under the deal toyota will install a brake override system in effective cars. it will also set up a fund of $250 million for former toyota owners who sold their cars from september of 2009 through all of 2010. that money would compensate owners for their car's reduced value becaus
branches of the government not willing to make the deal they know they have to make. everybody wants to play the blame game. this is about to put us over the edge. >> perry, i want to start with you. if perception is reality and the blame is going to matter to somebody, which side is it really going to matter to? ivities the blame is on both sides. what's driven this whole process is republicans are very opposed to -- just the republicans who will vote for any tax increase. we learned last week from the plan b vote. once we go over the cliff, republicans are ready for a tax cut, not an increase. right now that's what the big challenge is. >> chip, is that the biggest strategy here, get to the third and pass the third, the new congress comes in, boehner danger doesn't exist anymore, his speakership stays in place and grover norquist gives a thumbs up to up? >> i don't think that was the strategy a week ago. i think the speaker was trying to put the deal together, as we've seen the senate not -- i think that may become the strategy. i've always thought they would wait until the last ho
majority leader harry reid now saying that it appears that the government will miss the deadline for avoiding the fiscal cliff. so what will that mean, and how will america respond come january 1st? gregg: new developments in the investigation into the deadly connecticut school shooting. jenette sises have been asked to study the gunman's dna. what can they learn about it? gregg: severe weather alert. winter warnings in effect as a brutal storm is sweeping through the u.s. it brought massive amounts of snow and even tornados to parts of country and claimed at least 15 lives. illinois was no exception. major problems on the roads as snow and sleet pounded the area, forcing some businesses to remain closed. maria molina is keeping an eye on the storm from the extreme weather center. we're going to get the latest, top of the hour. >> new year's eve is fast approaching and for decade and decade the american people have watched the ball drop in times square. it is the countdown to midnight, the start of a new year. but this year, mr. president, the american people are waiting for the
, saddam's military in kuwait and return right, full governance back to the citizens of kuwait. >> his father once said -- told him, he said, the day i was born that boy is going to west point. it was literally a job he was born to do. boy, did he do it well. the nation is remembering him today. thank you for helping us do that, general spider marks. happy holidays to you. >> you as well. >>> former president george h.w. bush has a message for his admirers around the world. he's not going anywhere. in a message in thursday, his chief of staff said the 41st president's condition is not dire. becker said mr. bush has every intention of staying put and that we can "put the harps back in the closet." the 88-year-old mr. bush is in the intensive care unit of a houston hospital where he's receiving treatment for an elevated fever. >> still has his sense of human. >>> vladimir putin has signed a continue versional bill banning u.s. citizens from adopting russian children. the decision raising tensions between the two countries, seen for retaliation for a new law in the u.s. that seeks to puni
of government in american life, that's why it is so hard to get to a deal. >> how dramatic. who would think talking about money and fiscal issues would garner so much drama, jessica. >> reporter: well, it is washington. and it is a lot at stake. it is about people's taxes, and, you know, the social safety net in america. it is the difference between democrats and republicans. >> yeah. we're going to talk more about the money now. thank you, jessica yellin. appreciate it. to new york now, joining us rick neuman, chief business correspondent for "u.s. news & world report." i want to ask you about the tax increase if there is no deal and tax rates rise, when would workers begin to see that reflekr reflected in their paychecks? when does the pain start? >> this is not one tax hike. this is about nine different sets of taxes. and the one that would go up right away is the payroll tax. that was cut temporarily in 2 009, cut by two percentage points and will go back up by two percentage points and that would come out of workers' paychecks right off the bat. it would add up to something like $60, $
's when the government reaches its legal borrowing limit. treasury can delay a debt crisis for a couple of weeks until february or march using emergency measures to keep the government operating until congress acts to fix this problem, too. >>> big news from toyota. they are announcing a record $1.1 billion settlement over that unintended accelerator issue which they say does not exist. toyota has always said it's been floor malts, stuck gas pedals and operator error but they're going to settle these cases to put it behind them. the bulk of the money will go to its customers past and present. they will install brake override systems for all vehicles identified by toyota as having a problem with the floor mats getting stuck. toyota set aside $250 million to compensate owners who sold their cars while their sales were plummeting over the bad p.r. and a separate 250 million will be used to compensate owners who don't qualify for that brake override system. finally, all 16 million current toyota owners will be eligible for a warranty on certain parts related to sudden unintended acceleratio
% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all the spending over the next decade? >> you know, this conversation means exactly what is wrong in washington. i mean, just listen to the conversation you just had. it is he said/she said, blame the other guy. and, look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion, by taking the offers that are on the table. speaker boe president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed, even in his own caucus. but now -- >> you are not answering my question. >> yes. because i'll tell you, something, because we only have nine days left here. when are we going to get serious about actual solutions? i would welcome john to tell me, he says he wants a solution. give us one! give us one, john! i laid out -- >> there is only one person that can provide the leadership and that is the president of the united states. >> no, no sir, that is not true. no -- >> the lead
-home pay shrinks and the government spending gets slashed if elected officials cannot figure out a way to get compromised, all in the hanlds of the six leaders. this afternoon the president, vice president biden, senate majority leader harry reid, house minority leader nancy pelosi, all on the democratic side, mitch mcconnell representing the republicans, white house correspondent brianna keilar, the house doesn't return to work until sunday so they'll work on a framework hopefully could get voted on sunday evening we might have a deal before monday. am i being ridiculous? >> reporter: maybe not sunday evening, maybe on monday, that's the best case scenario but ali, i will tell you talking to sources this morning, even though technically it is possible for there to be a deal, it seems increasingly unlikely. i'm hearing a real lack of confidence that we don't go over the fiscal cliff and i think the expectation is that perhaps we go over it for a day or two, and some are rationalizing that you can go over it maybe for a day or two, and it's still going to be okay, that it's something th
. the government said mandela will receive top level care at his home after he's fully recovered. >>> the late senator inouye's successor lands in washington aboard air force one. schatz was tapped for senator and goes against inouye's final wish for colleen han abusa take over. >>> and the supreme court justice sonya say it to otomayo a request to stop a mandated contraceptive pill. >>> and still weighing the markets down, right? >> absolutely. as you can imagine, the markets are waiting on the edge of their seats for any deal on the budget crisis or fiscal cliff, as we call it and a lot of ceos are telling us once that uncertainty is lifted, it will give them more confidence to lift or high more people. all in all, it's been a good year for stocks. s&p up 13% this year. the pick heavy nasdaq is up nearly 15%. we'll see what next year brings us. back to you. >> we'll take the silver lining. >>> a terrifying scene at a shanghai shopping center. an aquarium filled with sharks cracked and shattered sending the creatures and tons of water on to visitors. luckily they were lemon sharks harm loss t
. and they're not going to, basically, get employment and income with government assistance and subsidies alone. you have to grow the economy, and nothing this president's done in four years has meaningfully done that. let's go back to the point that says the republicans are intractable. they agreed to $1.2 trillion in new revenue. john boehner from the very beginning put 800 billion in revenue on the table. the president was known to say, well, that's mine. i get that one for free. i don't have to give anything in return. the president in addressing a deficit added $1.6 trillion in new spending. gregg: yeah. >> so who are we joking right now? the president has never taken the spending side of this equation seriously, which is why we don't have a deal. republicans have put their necks on the line supporting new revenues, the president's not coming through. gregg: senator barrasso said the president does want to go over the cliff, because he wants to punish republicans. is there something to that? >> i don't think there's anything to that, but the reality is that if he wants to get anythin
Search Results 0 to 26 of about 27 (some duplicates have been removed)